Question
On the first day of the fiscal year, a company issues a $1,000,000, 8%, 5-year bond that pays semiannual interest of $40,000 ($1,000,000 x
On the first day of the fiscal year, a company issues a $1,000,000, 8%, 5-year bond that pays semiannual interest of $40,000 ($1,000,000 x 8% x 1/2), receiving cash of $884,179. Journalize the entry for the issuance of the bonds. If an amount box does not require an entry, leave it blank. Cash Account Debit 884,179 Credit
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
